Most lucrative careers
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| Most lucrative careers |
Most lucrative careers. If we are actually in a recession, it may be time to start specializing and moving towards the more lucrative pockets of the economy. When the economy is riding high, there seems no end to the size of available profits and money circulating. But in a recession, smart people adapt because it can get very dismal if you do not prepare yourself! Here are 3 possibilities.
1) The health care industry is a particularly recession proof sector of the economy. You may not be a doctor or even remotely connected to the health industry, but you can hedge your bets in your business and adapt some part of your business to cater in some way to this particularly robust sector. People can't help when they get sick and whether there is a recession or not, they spend to get the care they need. So possibly, even if your current income does not relate to health care, you can adapt your activities to serve this sector within your capacities, because in a recession, where money is scarce, this will be one place where the money will still be abundant.
2) Loans. Typically, in a recession, money becomes scarce to borrow. A recession is often initiated by the reserve bank to try and arrest escalating inflation. This means higher interest rates. This raising of the interest rates to handle inflation is a fairly blunt tool, however it is the only one we have. If you arrange your business to serve the banking industry, or look for ways to be within that sphere, you will make lucrative profits. Higher interest rates, means more profits for the industry. This means it will be lucrative to serve it in some way.
3) Gambling. When money becomes scarce, there is a surge in gambling during a recession and people tend to cling to hope and long shots. Your business may have nothing to do with gambling, but whatever your business is, you can actively seek out clients within this sector because they will remain a pocket of lucrativeness when a recession is in full swing.
Adapting is a human trait. The capacity to adapt is something humans are exceptionally good at. To avoid the pain of a recession or at least soften the difficulty for your business, you may consider the 3 possibilities that allow you to adapt.
1) The health care industry is a particularly recession proof sector of the economy. You may not be a doctor or even remotely connected to the health industry, but you can hedge your bets in your business and adapt some part of your business to cater in some way to this particularly robust sector. People can't help when they get sick and whether there is a recession or not, they spend to get the care they need. So possibly, even if your current income does not relate to health care, you can adapt your activities to serve this sector within your capacities, because in a recession, where money is scarce, this will be one place where the money will still be abundant.
2) Loans. Typically, in a recession, money becomes scarce to borrow. A recession is often initiated by the reserve bank to try and arrest escalating inflation. This means higher interest rates. This raising of the interest rates to handle inflation is a fairly blunt tool, however it is the only one we have. If you arrange your business to serve the banking industry, or look for ways to be within that sphere, you will make lucrative profits. Higher interest rates, means more profits for the industry. This means it will be lucrative to serve it in some way.
3) Gambling. When money becomes scarce, there is a surge in gambling during a recession and people tend to cling to hope and long shots. Your business may have nothing to do with gambling, but whatever your business is, you can actively seek out clients within this sector because they will remain a pocket of lucrativeness when a recession is in full swing.
Adapting is a human trait. The capacity to adapt is something humans are exceptionally good at. To avoid the pain of a recession or at least soften the difficulty for your business, you may consider the 3 possibilities that allow you to adapt.
Source: ezinearticles
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